Investors Do Not Underperform Their Investments

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Investors Do Not Underperform Their Investments

DALBAR’s response to this article appears at the end of this article.

For 23 years DALBAR, Inc. has been publishing a research report reaching the conclusion, year after year, that investors underperform the investment vehicles that they invest in due to “poor investor decision making.” Wade Pfau recently discovered, however, that this conclusion is the result of a serious calculation error. Now, using Pfau’s results, I will prove that the evidence actually shows that investors do not underperform their investments.

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